2011 12 end of year report 2012 13 tentative budget presentation august 21 2012
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2011-12 End of Year Report & 2012-13 Tentative Budget Presentation August 21, 2012 PowerPoint PPT Presentation


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2011-12 End of Year Report & 2012-13 Tentative Budget Presentation August 21, 2012. 2011-12 Revenues Adopted Budget Compared to Unaudited Actual. Operating Funds: Adopted Budget Actual Education Fund $61,352,117 $64,216,580 Operations & Mtns $ 6,093,865 $ 5,752,940

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2011-12 End of Year Report & 2012-13 Tentative Budget Presentation August 21, 2012

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2011 12 end of year report 2012 13 tentative budget presentation august 21 2012

2011-12 End of Year Report&2012-13 Tentative BudgetPresentationAugust 21, 2012


2011 12 revenues adopted budget compared to unaudited actual

2011-12 Revenues Adopted Budget Compared to Unaudited Actual

Operating Funds:

Adopted

BudgetActual

Education Fund$61,352,117 $64,216,580

Operations & Mtns$ 6,093,865 $ 5,752,940

Transportation$ 2,702,411 $ 3,743,638

IMRF/Social Security$ 2,430,895 $ 2,356,100

Working Cash Fund$ 5,222,000$ 5,208,766

Total - Operating Funds$77,801,288 $81,278,024


2011 12 revenues amended budget compared to unaudited actual

2011-12 Revenues Amended Budget Compared to Unaudited Actual

Operating Funds:

Amended

BudgetActual

Education Fund$63,224,165$64,216,580

Operations & Mtns$ 6,093,865 $ 5,752,940

Transportation$ 2,953,129 $ 3,743,638

IMRF/Social Security$ 2,430,895 $ 2,356,100

Working Cash Fund$ 5,222,000$ 5,208,766

Total - Operating Funds$79,924,054 $81,278,024


2011 12 revenues adopted budget compared to unaudited actual1

2011-12 Revenues Adopted Budget Compared to Unaudited Actual

Non-Operating Funds:

Adopted

BudgetedActual

Capital Projects$ 186,000 $ 223,232

Debt Service$8,092,435 $8,055,058

Tort$ 0 $ 0

Life/Fire/Safety$ 500$ 93

Total

Non-Operating Funds$8,278,935$8,278,383


2011 12 revenues amended budget compared to unaudited actual1

2011-12 Revenues Amended Budget Compared to Unaudited Actual

Non-Operating Funds:

Amended

BudgetActual

Capital Projects$ 227,663 $ 223,232

Debt Service$8,092,435 $8,055,058

Tort$ 0 $ 0

Life/Fire/Safety$ 500$ 93

Total

Non-Operating Funds$8,320,598$8,278,383


Comparison adopted amended budget to unaudited actual received

Comparison—Adopted/Amended Budget to Unaudited Actual Received

Operating Funds:

Adopted budget=$77,801,288

Amended budget=$79,924,054

Unaudited actual=$81,278,024

Difference between adopted/amended=$2,122,766

Difference between amended/actual= $1,353,970

Difference between adopted/actual= $3,476,736


Comparison amended budget to unaudited actual received

Comparison—Amended Budget to Unaudited Actual Received

Non-Operating Funds:

Adopted budget=$8,278,935

Amended budget=$8,320,598

Unaudited actual=$8,278,383

Difference between adopted/amended=$41,663

Difference between amended/actual=$42,215

Difference between adopted/actual=$552


Reasons for increased revenue

Reasons for Increased Revenue

  • 2009 TIF receipts

  • Unbudgeted prior year property taxes

  • Increased Corporate Personal Property Taxes

  • Increased local revenues

  • Significantly more state revenuedue conservatively budgeted amounts


2011 12 expendituresadopted budget compared to unaudited actual

2011-12 ExpendituresAdopted Budget Compared to Unaudited Actual

Operating Funds:

Adopted

BudgetActual

Education Fund$57,617,771 $56,616,152

Operations & Mtns$ 6,186,432$ 5,554,248

Transportation$ 3,201,335$ 2,858,844

IMRF/Social Security$ 2,029,592 $ 1,991,612

Tort$ 256,184 $ 256,184

Working Cash Fund$ 0$ 0

Total - Operating Funds$69,291,314$67,277,040


2011 12 expenditures amended budget compared to unaudited actual

2011-12 ExpendituresAmended Budget Compared to Unaudited Actual

Operating Funds:

Amended

BudgetActual

Education Fund$57,964,748$56,616,152

Operations & Mtns$ 6,186,432$ 5,554,248

Transportation$ 3,201,335$ 2,858,844

IMRF/Social Security$ 2,029,592 $ 1,991,612

Tort$ 256,184 $ 256,184

Working Cash Fund$ 0$ 0

Total - Operating Funds$69,638,291$67,277,040


2011 12 expenditures adopted budget compared to unaudited actual

2011-12 Expenditures Adopted Budget Compared to Unaudited Actual

Non-Operating Funds:

Adopted

BudgetActual

Capital Projects$ 3,223,988 $ 3,248,880

Debt Service$ 8,239,210 $ 7,518,975

Life/Fire/Safety$ 0$ 0

Total

Non-Operating Funds$11,463,198$10,767,855


2011 12 expenditures amended budget compared to unaudited actual1

2011-12 Expenditures Amended Budget Compared to Unaudited Actual

Non-Operating Funds:

Amended

BudgetActual

Capital Projects$ 3,223,988 $ 3,248,880

Debt Service$ 8,239,210 $ 7,518,975

Life/Fire/Safety$ 0$ 0

Total

Non-Operating Funds$11,463,198$10,767,855


Comparison adopted amended budget to unaudited actual spent

Comparison—Adopted/Amended Budget to Unaudited Actual Spent

Operating Funds:

Adopted budget=$69,291,314

Amended budget=$69,638,291

Unaudited actual=$67,277,040

Difference between adopted/amended=$ 346,977

Difference between amended/actual= $2,361,251

Difference between adopted/actual= $2,014,274


Reasons for under expenditures

Reasons for Under Expenditures

  • Education fund underspent:

    • Purchased services

    • Supplies, Materials

    • Capital Outlay

    • Dues/Fees

    • Tuition

    • Total: $1,546,449

  • Operations/Maintenance fund underspent:

    • Purchased services

    • Supplies, Materials

    • Capital Outlay

    • Total: $632,184

  • Transportation fund underspent:

    • Purchased services

    • Total: $342,491

  • IMRF/Social Security Fund underspent:

    • Benefits

    • Total: $37,959


2012 13 tentative budget

2012-13 Tentative Budget


2012 13 proposed revenues and expenditures

2012-13 Proposed Revenues and Expenditures

Operating Funds:

RevenuesExpenditures

Education Fund$60,775,596$59,481,314

Operations & Mtns$ 5,954,423$ 6,225,096

Transportation$ 3,635,093$ 3,085,312

IMRF/Social Security$ 2,283,230$ 2,217,300

Working Cash Fund$ 3,691,584$ 0

Total - Operating Funds$76,339,926 $71,009,022


2012 13 proposed revenues and expenditures1

2012-13 Proposed Revenues and Expenditures

Non-Operating Funds:

RevenuesExpenditures

Capital Projects$ 76,150 $3,496,295

Debt Service $ 7,723,181 $8,274,095

Tort $ 0 $ 0

Life/Fire/Safety $ 150$ 0

Total

Non-Operating Funds$7,799,481$11,770,390


2012 13 revenue assumptions

2012-13 Revenue Assumptions

  • Collection of 55% property taxes in March (prior year extension)

  • Collection of 45% property taxes in September (actual adopted levy with increased CPI and EAV)

  • TIF receipts

  • Flat federal revenue

  • GSA (General State Aid) at 89%

  • PreSchool Grant at 92%

  • All other state revenue at 95% less FY2012 due


2012 13 expenditure assumptions

2012-13 Expenditure Assumptions

  • Inclusion of all collective bargaining agreements

  • 33% increase in health insurance costs

  • Data coaches added/tech integrationists eliminated

  • IB/ Common Core

  • Referendum vision components (foreign language, music, art, technology, physical education and math)


Observations

Observations

  • Operating fund revenues= $76,339,926

  • Operating fund expenditures=$71,009,022

  • Operating fund expenditures of $71,009,022 compared to unaudited 2011-12 operating expenditures of $66,843,024. This represents an increase of 6.23%.

  • The 2012-13 budget (operating and non-operating) demonstrates revenues at $84,139,407 and expenditures at $83,002,488.

  • Total 2012-13 expenditures = $83,002,488 compared to 2011-12 unaudited $78,540,916 which represents an increase of 5.68%

  • One final observation…

    While we ended 2011-12 with over receipted operating revenues and under expended our operating funds, this should be viewed extremely cautiously given the uncertainty of the pension reform conversations at the state level as well as continued diminishing state receipts.


Next steps

Next Steps

  • August 21, 2012—adoption of tentative 2012-13 budget

  • September 11, 2012—public comment on 2012-13 budget and continued discussion by board of education

  • September 27, 2012

    • Public hearing on 2012-13 budget

    • Adoption of 2012-13 budget

  • Submission to Illinois State Board of Education (ISBE)


Questions and comments

Questions and Comments


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